Greek MPs approve hefty budget cuts

Source: Guardian

Greek MPs have voted to pass a budget for 2013, paving the way for the country to receive further financial aid. The budget was passed with a comfortable majority, unlike the narrow margin secured last week in a vote on an austerity package and labour reforms.

The legislation will impose deep spending cuts on the country's already battered economy, as international lenders demand further austerity in return for assistance. Antonis Samaras's coalition is expected to win the vote just four days after it only narrowly won approval for a multi-year, €13.5bn (£10.8bn) austerity package.

Thousands of people gathered outside the Greek parliament in Syntagma Square, Athens, to urge MPs to vote down the budget. Leading the protest march were flag-waving unionists with the communist-aligned Pame party followed by private and public sector workers.

The protesters' chants included "Out, out, out with the IMF" and "Hands off workers' rights".

19. ...and how did these austerity MP's get into office?

21. Some parties, such as the Golden Dawn neo-NAZI party in Greece, take advantage of crisis

to gain and keep power. I believe unemployment was 30% in Germany when Hitler rose to power, for example.

The thing is, I believe these "crises" are manufactured AS a power grab opportunity. Greece and Italy both had a Goldman Sachs consultant in power for a while when this all began, so you can see who is sticking their finger in the pie.

In case you didn't know, a few nights ago the Greek citizens demanded a no-confidence vote, and back in October, the Spanish citizens surrounded their parliament by the tens of thousands and demanded it step down. There is a European-wide General Strike happening on November 14!

22. By what do you mean "the Greek Citizens"?

The population of Greece is 10.7 Million. What proportion demanded a no-confidence vote? Even if it was 100,000, that's 1% of the population. In Spain, "tens of thousands" is less than 0.1% of the population. I don't dispute the passion of some groups against austerity policies, but I'm not seeing broad popular support for a different strategy in either case, and I don't tend to buy the "the voters were manipulated into supporting austerity" argument, any more than I bought the GOP's argument that people were too stupid or "entitled" to vote for Romney.

20. There is no such thing as underground pensions or salaries though. nt

8. The Problem With A Budget Like This

Is it results in lowering aggregate demand and that leads to a further reduction in GDP, meaning the current recession will be made worse. Look, if 5 years of austerity has created 5 years of recession, what do they expect a 6th year of austerity to do -- defy the law of economics and grow the economy -- fat chance of that ever happening. Until Merkel is gone in Germany Europe will remain bogged down in recession. A recession that is likely to pick up speed.